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「量的緩和」ではなく「融資緩和」

バーナンキ議長のLSEでのスピーチ

Credit Easing versus Quantitative Easing
The Federal Reserve's approach to supporting credit markets is conceptually distinct from quantitative easing (QE), the policy approach used by the Bank of Japan from 2001 to 2006.  Our approach--which could be described as "credit easing"--resembles quantitative easing in one respect:  It involves an expansion of the central bank's balance sheet.  However, in a pure QE regime, the focus of policy is the quantity of bank reserves, which are liabilities of the central bank; the composition of loans and securities on the asset side of the central bank's balance sheet is incidental.  Indeed, although the Bank of Japan's policy approach during the QE period was quite multifaceted, the overall stance of its policy was gauged primarily in terms of its target for bank reserves.  In contrast, the Federal Reserve's credit easing approach focuses on the mix of loans and securities that it holds and on how this composition of assets affects credit conditions for households and businesses.  This difference does not reflect any doctrinal disagreement with the Japanese approach, but rather the differences in financial and economic conditions between the two episodes.  In particular, credit spreads are much wider and credit markets more dysfunctional in the United States today than was the case during the Japanese experiment with quantitative easing.  To stimulate aggregate demand in the current environment, the Federal Reserve must focus its policies on reducing those spreads and improving the functioning of private credit markets more generally.

 中銀のBSの右側じゃなくて、左側で攻めるということ。一言で言えば、銀行型金融システムであれば、銀行を利用するのが大事で、右側で攻める。市場型金融システムであれば、銀行だけを救っても効果が低いので直接に左側で攻めるということか。よく読まないと。

【後記】信用緩和のほうがいいかも。質的緩和はたぶん曲訳。

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